The Hanoi People’s Court on March 27 handed down prison terms to 15 defendants involved in the case of “obtaining property by fraud” at property developer Tan Hoang Minh.

The prosecution has recommended sentencing Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, to nine or 10 years in prison on charges of fraud and misappropriation of assets.

The defendants are accused of conspiring in deceptive practices, fabricating business activities, and manipulating financial reports to create a facade of legitimacy.

The Hanoi People's Court yesterday informed the trial time for the case of ‘Property appropriation’ in Tan Hoang Minh Hotel and Trading Service Co. Ltd. (Tan Hoang Minh in short).

Do Hoang Viet, son of Do Anh Dung, Chairman of the Board of Directors of Tan Hoang Minh, is alleged to have suggested the issuance of bonds as a means to commence the misappropriation of trillions of Vietnamese dong from investors.

Do Anh Dung, chairman and general director of Tan Hoang Minh Group, has been officially charged in connection with an elaborate financial fraud scheme, purportedly involving the misappropriation of over VND8.6 trillion from 6,600 investors.

The Ministry of Public Security said that so far 50% of the victims have worked with the police, and the initial investigation has determined that Tan Hoang Minh Group appropriated over VND8 trillion (US$347 million) from investors.